Closed accounts stay on for 10 years, correct?

I have a ton of Student loans that I consolidated in June 2004 (14 accounts). Some of these accounts were opened back in 1993. These 14 accounts were merged into 2 accounts in July 2004. So when June 2014 comes (1.5 years from now), I can expect all these positive accounts to drop off my report?

I expect this to kill my AAoA. Right now have 26 accounts reporting with an AAoA of 10.1 years. Fortunately, I'll have some AMEX backdating to 1993 to help a bit but how much of a hit could I expect? Should I adjust my strategy now to take this into account? (I know its a ways off but I rather have a plan in place to address it now rather than later.)

Re: Closed accounts stay on for 10 years, correct?

It's impossible to say. Especially not knowing what else is on your credit report. Based on your scores you have posted, I am going to assume you have some negative information as well. Yes, your AAoA will drop, but all your other accounts are going to be aged 1.5 additional years from now. 10 year old accounts have been dropping off on me lately, it kinda stinks.

Credit history counts for 15% of your score. So, the most you can get out of that is around 65 points or so. You might still be looking at an AAoA of around 8 years when the student loans finally come off. You will go from like 12-8. You will still get alot of points with AAoA of 8 years, and some of your baddies might come off, or count less.

Re: Closed accounts stay on for 10 years, correct?

It's impossible to say. Especially not knowing what else is on your credit report. Based on your scores you have posted, I am going to assume you have some negative information as well. Yes, your AAoA will drop, but all your other accounts are going to be aged 1.5 additional years from now. 10 year old accounts have been dropping off on me lately, it kinda stinks.

Credit history counts for 15% of your score. So, the most you can get out of that is around 65 points or so. You might still be looking at an AAoA of around 8 years when the student loans finally come off. You will go from like 12-8. You will still get a lot of points with AAoA of 8 years, and some of your baddies might come off, or count less.

I have 1x30 day late on account from Dec 2010

1x90 day late on different account from Nov 2007 (when this drops in Nov 2014 I'll probably gain most back from what I lost with AAoA)

1 paid CO (Verizon) from July 2009 for $109 (will be 5 years old around time that this happens so it shouldn't be hurting scores too much by 2014)

and Crap1 Auto (mess) worst late 60 days, last late March 2012.

As long as I can keep scores around 750 I'll be happy (Ive targeted June 2014 as my target date to reach my goal of 750. It will be 2 year anniversary of this rebuild)

Re: Closed accounts stay on for 10 years, correct?

Deletion of old info from your credit file is not covered under the FCRA, and is done by the CRAs solely at their convenience and discretion.

It seems that the primary consideration on their part is whether the account might still possible contain information that is still within the credit report exclusion periods of section 605(a), and thus still requires their monitoring.

Most information is excluded after 7 years, with the primary exceptions being some BKs at 10 years, and unpaid tax liens, which can extend indefinately.

So it appears that they see most accounts deletable after 7 years, but 10 years builds in accounts that might possibly have a reported BK.

Ergo, the usual 10 year after closing period. But they may delete any time, with 7 years being the min that might still involve them in a dispute process.

I, too, had a closed account that remained for 17 years before they zapped it. They dont care about consumer impact of loss of account age... they care about reducing their data base size. It's arbitrary, and thus almost impossible to challenge.

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